Allow people close to retirement age to retire early and receive the state pension to improve job prospects for younger people unemployed because of the COVID crisis. This would include unemployed elderly people who would otherwise be competing for jobs with less experienced younger people.
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Some people close to retirement age would like to retire early. Some of may already be receiving state benefits from the furlough scheme or unemployment benefit. Some may be eligible for private pensions before state retirement age but cannot afford to retire without a state pension. On the other hand unemployment due to COVID has disproportionately affect the young. The proposal may be cost neutral or relatively cheap because of savings in various benefits received by unemployed people with families and will have huge social benefits. The retired may contribute to the economy in the form of part-time work, income tax, or the purchase of services such as home improvements using capital released from pension funds.